After U.S. employment in August significantly exceeded expectations, easing concerns about weakness in the labor market, attention in the cryptocurrency market shifted to inflation data ahead of the September FOMC meeting.
According to the U.S. Bureau of Labor Statistics (BLS), nonfarm payrolls increased by 162,000 in August. The figure was well above the market estimate of 55,000, while July employment was revised upward from an initial decline of 23,000 to an increase of 21,000.
Bitcoin traded above $82,000 during the week but fell to $79,300 after the employment report, while Ethereum traded near $2,500. U.S. spot Bitcoin ETFs recorded approximately $770 million in net inflows from September 1 through 4.
Technically, Bitcoin is facing selling pressure between $80,000 and $82,000, while Ethereum is encountering selling pressure above $2,500. With short-term volatility remaining at around 37% to 38%, the market is watching the U.S. consumer price index (CPI) for August, due this Friday, as the next key variable.